Primary TMT Prices Stable; Market Awaits Potential Price Revisions Next Week
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Primary TMT prices remained stable on the final day of August, with key locations reporting consistent rates. Market demand is steady, but distributors anticipate potential price revisions next week, expecting a Rs. 500–1,000/ton increase. Distribution remains smooth due to ample inventory, and the market awaits further developments.
Price
- The prices of primary TMT remained stable on the final day of August and are listed below for major locations: Ex-Mumbai: Rs. 50,500-51,000/ton Ex-Delhi NCR: Rs. 50,500-51,000/ton Ex-Vizag: Rs. 49,000-49,500/ton
- The prices are for 12 to 32mm sizes, Grade Fe 550/550D and exclude trade discounts, as well as GST.
- Distributors across the North, West, and South have observed reduced prices from all primary mills. The above pricing reflects this trend.
Demand and Supply
- Market demand appears steady, with minimal inquiries. Distributors expect primary mills to raise prices in the coming week, predicting an increase of around Rs. 500–1,000/ton. Distribution and supply remain smooth, as distributors have ample inventory on hand.
News
- India’s steel trade dynamics shifted in FY24 as imports surged by 38% year-on-year to 8.3 million tons, resulting in a trade deficit. ArcelorMittal Nippon Steel and JSW Steel initiated an anti-dumping probe against Vietnam, blaming it for the influx of cheap hot-rolled coils (HRC). However, data reveals that China is a larger concern, accounting for 43% of India's steel imports, with 2.7 million tonnes. China’s steel exports to India have increased due to a downturn in its real estate sector, leading to excess production being offloaded to international markets, particularly India.
Expert Opinion
- Customers anticipate further price reductions. However, there are differing opinions in the market, with distributors expecting a price increase from primary mills next month. Clarity in the price trend may emerge in the coming week.
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